- The Federal Inland Revenue Service has launched the Merchant Buyer Solution, an electronic invoicing system in Nigeria.
- The initiative aims to improve transparency, accountability, tax compliance, and revenue collection.
- The Nigeria Tax Bill requires electronic invoicing for taxable supplies with prior notice.
- The Nigeria Tax Administration Bill mandates the use of an Electronic Fiscal System for reporting taxable supplies.
- The FIRSMBS replaces traditional documents with digital transactions between suppliers and buyers.
- Taxpayers must integrate their e-invoicing solutions with the FIRS system through a licensed access point provider.
- The FIRS engaged with large taxpayers and professional tax advisers for integration discussions.
- The pilot phase begins in July 2025 with selected large taxpayers to guide broader implementation.
- The FIRSMBS will connect with existing invoicing systems, impacting B2B and B2C transactions.
- Adoption of the system is expected to be mandatory, with a focus on Value Added Tax.
Source: ng.andersen.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
